Europe’s Choice
The new European Commission (2024 – 2029) has started its mandate as per 1 December 2024. Under leadership of the Commission it is time for Europe to get out its comfort zone, make the right choices, and deliver.
These choices are summarised in the political guidelines, Europe’s Choice, as presented by the President of the Commission, Ursula von der Leyen.
For once, it states that Europe needs a new European Prosperity Plan, including to (i) make business easier and deepen the European Single Market, (ii) put research and innovation at the heart of our economy, (iii) boost productivity with digital tech diffusion, and (iv) invest massively in our sustainable competitiveness.
Together with the relevant Commission Mission Letters, these guidelines can be considered a description of the overarching strategy and part of the operating system of the Commission for the next five (5) years. There is one common goal: to make Europe stronger.
The choice is ours.
Europe Needs a Data Revolution
As said guidelines also state, Europe needs to exploit the untapped potential of data. Access to data is not only a major driver for competitiveness, accounting for almost 4% of EU GDP, but also essential for productivity and societal innovations. As the guidelines further state: ‘Europe needs a data revolution’.
In our previous FAME blog ‘Delivering on the EU Data Strategy’ we already highlighted the notions of data as being omnipresent, being both an asset and a means, and that FAME aims to deliver on the Data Strategy, as per the Declaration on Digital Rights and Principles.
Untapped Potential
Said guidelines further state that access to data is not only a major driver for competitiveness, accounting for about 4% of EU GDP, but also essential for productivity and societal innovations, including in mobility and logistics.
However, most organisations in Europe struggle to get access to the data they need – while others, generally non-European companies, use European data to fuel their business and market capitalisation.
Various European initiatives and policy instruments – including new regulations such as the Data Act – will bring such a data revolution for the benefit of people and organisations, public and private, large and small.
Data Sharing & Data Spaces
For once, the Data Act codifies the concept of Data Spaces, which FAME is aiming to shape, load, test and activate. As mentioned in this blog and recently nicely summarised in FAME’s Whitepaper, FAME is designing and developing a federated, decentralised, trusted data marketplace for embedded finance.
The Data Act gives control back to the European customers and users. It’s time to take back control. For the latter, the Data Act also caters to practical application capabilities in the form of simple, clear and coherent (non-binding) model contractual clauses that can be used by anyone, to get access to, make available, share, receive, use and otherwise exploit data. All this, with the aim to do so seamlessly and at scale while respecting high ethical, privacy and security standards.
Foresight in Data & Embedded Finance
In order to better prepare for the future, it is a prerequisite to have both overview and insight of the relevant policy and other initiatives at EU level. Once one has overview and insight, the next essential element is to build up foresight – and stay up to date.
On the latter, as per FAME’s mission, it is important to closely follow Executive Vice-President (EVP) for Tech-Sovereignty, Security and Democracy, Mrs. Henna Virkkunen, who will be responsible for the portfolio on digital and frontier technologies. It is also important to follow other EVP and Commissioners, including Mrs. Maria Luís Albuquerque, who is the Commissioner for Financial Services and the Savings and Investment Union. Amongst others, she will be focusing on strengthening and completing our Capital Markets Union and ensuring that private investments power our productivity and innovation.
Join the Data Sharing Revolution
Already for years, the world of finance is all about data and data processing, and embedded finance goes a paradigm step further. For that, data, information and knowledge sharing are essential to unlock data, create transparency and spur innovation in an accountable manner. It surely supports FAME’s mission as well as related missions including to build, achieve and sustain the appropriate levels of trust and (data) market-shaping that are necessary to be able to truly trigger the envisioned symbiotic transformation of future-proof embedded finance, financial inclusion and digital and societal transition in this Digital Age.
The choice is yours.
Author: Arthur van der Wees (Arthur’s Legal, Strategies & Systems)
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